In a large skillet over medium heat, brown the ground beef, seasoning it with half of the salt and pepper. Cook until nicely browned and the fat has rendered. Drain any excess fat, then remove the beef and set it aside.
Add the olive oil, butter, minced onion, diced red bell pepper, and the rest of the salt and pepper to the same skillet. Sauté for about 2 minutes until softened, then stir in the minced garlic and cook for an additional 20 seconds until fragrant.
Stir in the ground cumin, cinnamon, dried oregano, and tomato paste. Cook for about 30 seconds, stirring constantly, to toast the spices. Pour in the white wine to deglaze the pan, scraping up any flavorful browned bits from the bottom.
Return the browned beef to the skillet. Add the halved green olives, cherry tomatoes, bay leaf, olive brine, and water. Bring to a gentle simmer, then reduce heat to low. Cover the pan with the lid slightly ajar and let it cook for 15 minutes, allowing all the wonderful flavors to meld.
Serve your delicious Keto Picadillo hot, perhaps over cauliflower rice for a healthy, low-carb meal, or with your favorite keto-friendly side.